PostNL - Rising labour costs weigh heavily on results
• The FY23 results were already pre-released. The new FY24 guidance range misses as higher labour cost weigh more on results than anticipated. • We expect to lower our FY24/25 adjusted EBIT estimates by 10-20%. • Our 2025E SOTP now arrives at EUR 1.35 p/s (was under review). Hold maintained.PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.
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